Economists warn of a rising risk of 2025 U.S. recession due to new tariff policies

From Yahoo Finance: 2025-05-02 16:55:00

Economists warn of a rising risk of a 2025 U.S. recession due to President Trump’s new tariff policies. Experts estimate a 90% and 65% chance of recession, respectively.

To recession-proof your finances before the economy slows, start with evaluating your car insurance. Two common outcomes of a recession are rising unemployment and falling interest rates, but a 2025 recession may lead to higher prices and potential interest rate hikes.

In 2022, U.S. drivers spent an average of $1,592 a year on car insurance, making it essential to manage your insurance bill effectively during an economic slowdown. Consider optimizing coverage based on your cash savings, assets, and driving habits.

Consolidating insurance coverage with one company can lower total premiums by 20% or more. Gathering quotes from different insurers can help you switch and save on premiums. Additionally, safe driving can prevent accidents and tickets that could increase your rates during a recession.



Read more at Yahoo Finance: 5 ways to recession-proof your car insurance